Goodrich Petroleum (NYSEAMERICAN:GDP) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Goodrich Petroleum (NYSEAMERICAN:GDP) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Goodrich Petroleum Corporation is an exploration and production company. It engaged in the exploitation, development and production of natural gas and crude oil primarily in the Haynesville Shale in Northeast Texas and Northwest Louisiana, the Tuscaloosa Marine Shale in Eastern Louisiana and Southwestern Mississippi and the oil-window of the Eagle Ford Shale trend in South Texas. Goodrich Petroleum Corporation is based in Houston, Texas. “

Several other equities research analysts have also recently issued reports on GDP. Roth Capital upgraded shares of Goodrich Petroleum from a neutral rating to a buy rating in a research report on Wednesday, May 6th. Capital One Financial upgraded shares of Goodrich Petroleum from an equal weight rating to an overweight rating in a research report on Monday, March 16th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Goodrich Petroleum presently has an average rating of Buy and an average price target of $10.56.

NYSEAMERICAN:GDP traded down $0.24 during trading hours on Wednesday, hitting $6.83. 19,200 shares of the stock traded hands, compared to its average volume of 42,294. Goodrich Petroleum has a 1 year low of $2.39 and a 1 year high of $12.01.

Goodrich Petroleum (NYSEAMERICAN:GDP) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $28.95 million for the quarter, compared to analysts’ expectations of $26.34 million.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in Goodrich Petroleum by 25.4% in the first quarter. Rhumbline Advisers now owns 14,827 shares of the company’s stock worth $63,000 after purchasing an additional 3,000 shares during the last quarter. UBS Group AG increased its position in Goodrich Petroleum by 43.5% in the fourth quarter. UBS Group AG now owns 12,614 shares of the company’s stock worth $127,000 after purchasing an additional 3,822 shares during the last quarter. Barclays PLC increased its position in Goodrich Petroleum by 102.9% in the fourth quarter. Barclays PLC now owns 9,087 shares of the company’s stock worth $91,000 after purchasing an additional 4,609 shares during the last quarter. State Street Corp increased its position in Goodrich Petroleum by 3.4% in the fourth quarter. State Street Corp now owns 148,696 shares of the company’s stock worth $1,493,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Walthausen & Co. LLC increased its position in Goodrich Petroleum by 7.4% during the fourth quarter. Walthausen & Co. LLC now owns 94,150 shares of the company’s stock valued at $945,000 after acquiring an additional 6,500 shares during the last quarter.

About Goodrich Petroleum

Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. It primarily holds interests in the Haynesville Shale Trend in northwest Louisiana and East Texas; Tuscaloosa Marine Shale Trend located in southwest Mississippi and southeast Louisiana; and the Eagle Ford Shale Trend situated in South Texas.

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